The year 2017, when the Tax Cuts and Jobs Act was signed into law, seems like a long time ago. As you may be aware, many of the tax provisions of that law are set to expire in a relatively short amount of time — on January 1,...more
The cycle continues: Your adult children — one of the first generations to benefit from Section 529 plans — are saving for their kids’ college educations through 529 accounts of their own. Did you know that parents aren’t the...more
According to some people, the bypass trust (sometimes referred to as a credit shelter trust) has gone the way of the dodo bird in the current estate tax environment. However, this “dinosaur” of a technique for married couples...more
You might have several goals you’d like your estate plan to achieve. They may include giving to your favorite charity and leaving a significant amount to your loved ones under favorable tax terms. One estate planning...more
Under current estate tax law, taxpayers benefit from the most generous gift and estate tax regime in history. Indeed, in 2023, an individual can shield assets worth up to $12.92 million from federal gift and estate tax....more
The need for estate planning is essential for small business owners who have most of their personal fortune tied up in the operation. This is compounded by the looming reduction of the federal gift and estate tax exemption...more
A unique provision in the tax code allows certain transfers, made directly from a traditional IRA to a qualified charitable organization, to avoid taxation. Although this benefit of a qualified charitable distribution (QCD)...more
12/7/2020
/ Alternative Minimum Tax ,
Charitable Donations ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Itemized Deductions ,
Qualified Charitable Distributions ,
Required Minimum Distributions ,
SECURE Act ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Tax Deductions
Many individuals incorporate charitable giving into their estate plans, providing assistance to their favorite charities while preserving sufficient assets for their heirs. Typically, the charitable donations are structured...more
Roth IRAs offer significant financial and estate planning benefits. If a person has a substantial balance in a traditional IRA and is considering converting it to a Roth IRA, there may be no better time than now. This article...more
Trusts come in all shapes and sizes. However, from an income tax perspective, there are basically two types: grantor trusts and nongrantor trusts. An intentionally defective grantor trust (IDGT) has the best attributes of...more
We are pleased to present the Year End 2019 issue of Insight on Estate Planning We encourage you to read through it for ideas about ways you can minimize taxes on your estate and maximize its value for your loved ones.
In...more
12/4/2019
/ Estate Planning ,
Grantor Trusts ,
Income Taxes ,
Nongrantor Trusts ,
Pets ,
Roth Conversions ,
Roth IRA ,
Tax Cuts and Jobs Act ,
Trusts ,
Year-End Planning ,
Year-End Tax Planning
One of the outcomes of the Tax Cuts and Jobs Act is that children with unearned income may find themselves in a higher tax bracket than their parents. Under the “kiddie tax,” as it’s sometimes referred to, a child’s unearned...more
If a married couple includes a non-U.S. citizen spouse, there are special estate planning rules to take into account, such as a significantly smaller estate tax exemption. This article explains the differences in estate tax...more
10/2/2019
/ Citizenship ,
Estate Planning ,
Estate-Tax Exemption ,
Foreign Nationals ,
Gift-Tax Exemption ,
Marital Status ,
Preferential Transfers ,
Qualified Domestic Trust (QDOT) ,
Spouses ,
Tax Cuts and Jobs Act ,
Tax Deductions
Because of the fluctuation in the value of assets, specifically stocks, federal tax laws provide relief to taxable estates that may be negatively affected by fluctuating market conditions. Instead of using the value of assets...more
Charitable remainder trusts (CRTs) have been around for decades, and they continue to be a viable estate planning strategy in the wake of the Tax Cuts and Jobs Act and other recent tax legislation. This article details how a...more
In This Issue:
- A win-win proposition -A charitable remainder trust benefits you and your favorite charity
- When to elect the alternate valuation date
- Do you know when an FBAR must be filed?
- ESTATE PLANNING...more
The Tax Cuts and Jobs Act (TCJA) has reduced estate tax concerns for many families, but estate tax liability remains a concern for some. Notably, one may implement strategies in the wake of the TCJA that are designed to...more
Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after...more
In This Issue:
- Expiration date: IRS provides estate tax protection against sunsetting TCJA provisions
- A Crummey trust may sound pretty good
- A second walk down the aisle can complicate estate planning
-...more
4/1/2019
/ Crummey Trusts ,
Divorce ,
Estate Planning ,
Estate Tax ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
IRS ,
Marriage ,
Sunset Provisions ,
Tax Cuts and Jobs Act ,
Trusts
The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption amount from $5 million to $10 million, adjusted annually for inflation. Combined with the unlimited marital deduction and other estate tax...more
In This Issue:
- Time passages: Estate planning through the years
- Basis consistency rules come into play when inheriting property
- Estate tax laws continue to change; so should your plan
- ESTATE PLANNING...more
2/2/2019
/ Business Succession ,
Capital Gains Tax ,
Durable Power of Attorney ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Gift Tax ,
Inheritance ,
Property Valuation ,
Real Estate Transfers ,
Tax Cuts and Jobs Act ,
Wills
It’s one thing to earn enough to live a comfortable lifestyle. It’s yet another to develop a plan for protecting one’s assets so that there’s more for heirs after death. If one has been fortunate enough to achieve the former,...more
NINGs, DINGs and WINGs are the names bestowed on certain self-settled trusts (sometimes referred to as nongrantor trusts) in states providing a favorable tax environment for these trusts. This article explains how Nevada...more
Despite what one might think, estate planning isn’t limited to only the rich and famous. Previously, avoiding or minimizing federal estate tax liability was a primary motivation for creating an estate plan. But with a...more
In This Issue:
- Who needs an estate plan? Quick answer: Everyone
- NINGs, DINGs and WINGs: Understanding the tax angles of self-settled trusts
- Securities laws can derail your estate plan
- ESTATE PLANNING...more
10/1/2018
/ 401k ,
Accredited Investors ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Gift Tax ,
Individual Retirement Account (IRA) ,
Investment Funds ,
Nongrantor Trusts ,
Private Funds ,
Probate ,
Revocable Trusts ,
Tax Cuts and Jobs Act ,
Trusts ,
Unregistered Securities ,
Wills